我国信贷资产证券化设计研究

Research on the design of credit asset securitization in China

资产证券化在我国经历了快速发展,但仍处于较为初级的阶段。分析我国信贷资产证券化产品发展历程、现有产品结构设计和发行情况,与美国信贷资产证券化相比,参与者、流程、定价、信用增级等方面的研究和实践已具备一定的基础,但发行总量、债券市场占比、制度完善程度、市场成熟度与创新等方面均有较大差距。要进一步完善信贷资产证券化配套法规,发展和放开资本市场,并在监管、税费等方面给予政策优惠和支持。

Asset securitization has made a rapid development in China,but it is still in a early stage.Analyse the history,the structure,the issuance of credit asset securitization in China.Compared with the practice in The USA,the research and practice have a foundation of the actors,the technological process,the pricing theory,the credit enhancement.But there is still a gap in the issuance,the proportio of bond market,the proper system of laws,the market maturity and the product innovation between credit asset securitization in China and The USA.We have to improve the improvement degree of our law system,develop and liberalize our capital market,and give preferential policies in the areas of tax and regulation policies.